Chelsea Building Housing Cafeteria Restaurant Trades [Updated]

The Chelsea building where the once uber-cool Cafeteria has been located since 1998 has sold for $35.6 million. The deal closed yesterday.

The sellers of 161-165 West 17th Street, also known as 119 Seventh Avenue, are the Spector family and partners, who have owned the mixed-use property for 47 years. The buyers are Albert and Robert Gilardian of the Manhattan-based Gilar Group.

The six-story building is 100 percent occupied. It has 55 rent-stabilized apartments with rents averaging $1,335 per month and Cafeteria is on the ground floor and lower level. The restaurant’s lease will continue.

“This well-maintained, fully occupied property is a rare find in the hot Chelsea market, particularly a corner location with this much frontage and a well-known restaurant on the ground floor,” Mr. David Schechtman said in a prepared statement. “Clearly the buyer sees the tremendous upside potential and opportunity to transition the rent-stabilized units over time, as well as the value of this type of property in such a prime neighborhood.”

Update: This story was updated to reflect the buyers’ names, the date the deal closed and that Cafeteria is staying put.